 "Nifty outlook and top trading ideas by Prabhudas Lilladher for today")
Nifty outlook and few trading ideas by Vaishali Parekh, research analyst - technical research at Prabhudas Lilladher.
NIFTY VIEW
Nifty gets its daily trend turned down too, a support of 10740 would be very crucial also being the 200DMA level Sector wise IT stocks look positive for now while other sectors are showing resistance & witnessing profit booking. The support for the day is seen at 35630/10720 while resistance is seen at 36150/10850. Bank Nifty would have a range of 26250-26780. The market would be volatile ahead of all events to unfold.
BUY TECH MAHINDRA
CMP: Rs 726.85
TARGET: Rs 800
STOP LOSS: Rs 700
The stock has taken support at the significant 200DMA moving average and indicated a bounce back to show positive bias and has the potential to carry on the momentum still further upward in the coming days. The RSI has been positive and is on the rise and with other favorable indicators supporting, we recommend a buy in this stock for an upside target of 800 keeping a stop loss of 700.
BUY WIPRO
CMP: Rs 336.45
TARGET: Rs 370
STOP LOSS: Rs 320
The stock has made a bottom at around 302 levels and bounced back strongly and has moved past the significant 50DMA moving average decisively to signify strength and has the potential to rise further in the coming days. The RSI also has made a trend reversal from the oversold zone and is on the rise and with also the MACD indicating a positive trend reversal, a positive bias has been maintained. With the volume participation looking decent, we recommend a buy in this stock for an upside target of 370 keeping a stop loss of 320.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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